Slide 1: Q2 2026 Earnings Report
Q2 2026 Earnings Report August 6, 2026 | Nasdaq: COLL Healthier people. Stronger communities.
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "predicts," "forecasts," "believes," "potential," "proposed," "continue," "estimates," "anticipates,"
Slide 3: Business Overview and Commercial Update
Business Overview and Commercial Update Vikram Karnani President & Chief Executive Officer
Slide 4: Building a Leading, Diversified Biopharmaceutical Company
Building a Leading, Diversified Biopharmaceutical Company BY THE NUMBERS Healthier people. Stronger communities. $840M $458M 2 2026 Product Sales1 2026 Adjusted Current focus areas: EBITDA1,2 ADHD & Pain DIFFERENTIATED MEDICINES 4 1. This financial data represents the midpoint of 2026 financial guid
Slide 5: Recent Business Highlights
Recent Business Highlights1 Accelerated Achieved Top-and Strategically Deployed Capital Commercial Momentum Bottom-line Growth to Expand and Diversify Portfolio Product Revenues, Net ADHD Portfolio +6% +41% YoY growth $188M $200M in Q2’26 net revenue Completed acquisition of AZSTARYS and $12.9 milli
Slide 6: Strategic Priorities to Drive Value Creation
Strategic Priorities to Drive Value Creation 2026 Strategic Priorities VALUE CREATION Drive further growth for ADHD Portfolio ✓ Grows revenue ✓ Extends longevity Maximize the durability of the ✓ Increases profitability Pain Portfolio ✓ Generates robust cash flows Strategically deploy capital ✓ Diver
Slide 7: Product Differentiation and Strong Brand Fundamentals
Product Differentiation and Strong Brand Fundamentals Drive JORNAY PM Utilization1 #1 highest rated ~70% branded ADHD medicine in terms of of surveyed HCPs plan to increase prescribing product differentiation (highest among all other branded ADHD medicines) >70% ~67% of HCPs will honor a patient/car
Slide 8: Fastest Growing Stimulant for Treatment of ADHD
Fastest Growing Stimulant for Treatment of ADHD GROWTH STRONG MARKET SHARE IN IN QUARTERLY AND GROWING BRANDED LONG-ACTING PRESCRIPTIONS 1 PRESCRIBER BASE 2 METHYLPHENIDATE MARKET 1 +13.1% +17.6% +5.8 Percentage Points 30K+ 29% 210K 26K 185K 23% Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 1. IQVIA NPA throu
Slide 9: AZSTARYS is Well Positioned for Future Growth
AZSTARYS is Well Positioned for Future Growth and is a Highly Complementary Addition to Our ADHD Portfolio • IP protection • First and only ADHD treatment with both fast and through 2037 long-acting medicines in one capsule • Enables significant • Treatment option for patients in need of rapid onset
Slide 10: 2026 Priorities: Driving Further Growth for ADHD Portfolio
2026 Priorities: Driving Further Growth for ADHD Portfolio • Successfully integrate AZSTARYS into • Increase awareness and adoption portfolio with expanded set of prescribers • Accelerate growth trajectory by • Raise caregiver and patient awareness leveraging established commercial to drive HCP requ
Slide 11: Well Positioned to Maximize Durability of Responsible Pain Management Portfolio
Well Positioned to Maximize Durability of Responsible Pain Management Portfolio SUCCESSFUL COMMERCIAL STRONG BRAND EXECUTION 1 FUNDAMENTALS 2 #1 highest rated branded ER opioid in terms of product differentiation and favorability $57.7M Q2’26 revenue 74% of surveyed target HCPs plan to increase pres
Slide 12: Financial Highlights
Financial Highlights Colleen Tupper Executive Vice President & Chief Financial Officer
Slide 13: Q2'26 Financial Highlights
Q2’26 Financial Highlights1 Product Revenues, Net Adjusted Operating Expenses2 Adjusted EBITDA2 +6% $200M $188M +8% $105M $114M +8% $67M $62M Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 1. This financial data was provided by Collegium in its press release on Form 8-K and Quarterly Report on Form 10-Q filed
Slide 14: 2026 Financial Guidance – Updated August 6, 2026
2026 Financial Guidance – Updated August 6, 2026 2025 Prior 2026 Updated 2026 Actuals YoY Change3 Guidance Range Guidance Range2 Product Revenues, Net $781M $865 – 895M $825 – 855M +8% JORNAY PM Revenue, Net $149M $190 - 200M $190 - 200M +31% AZSTARYS Revenue, Net N/A4 $60 – 70M $65 – 75M N/A Adjust
Slide 15: Disciplined Capital Deployment
Disciplined Capital Deployment EXPAND PORTFOLIO THROUGH DISCIPLINED DEBT OPPORTUNISTICALLY LEVERAGE BUSINESS DEVELOPMENT MANAGEMENT SHARE REPURCHASE PROGRAM 3 • 2024 acquisition of Ironshore added • Successfully closed $980M syndicated • Returned $222M of value to lead growth driver, JORNAY PM, new
Slide 16: Closing Remarks
Closing Remarks Vikram Karnani President & Chief Executive Officer
Slide 17: Creating Value for Shareholders
Creating Value for Shareholders 2026 STRATEGIC PRIORITIES 1. Drive further growth 2. Maximize the durability 3. Strategically deploy capital for the ADHD Franchise of the Pain Portfolio • Business Development • Debt repayment • Share repurchases VALUE CREATION Grow Extend Increase Generate Diversify
Slide 18: Healthier people. Stronger communities.
Healthier people. Stronger communities. A leading biopharmaceutical company focused on improving the lives of people living with serious and often misunderstood conditions 18 18
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 20: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net (loss) income $ (15,051) $ 11,983 $ (555) $ 14,400 Adjustments: Interest expense 19,519 20,463 35,381 41,253 Interest income (2,289) (2,38
Slide 21: Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses
Reconciliation of GAAP Operating Expenses to Adjusted Operating Expenses (in thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP operating expenses $ 106,594 $ 73,279 $ 192,944 $ 148,916 Adjustments: Stock-based compensation 14,484 10,818 25,364 22,34
Slide 22: Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share
Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Earnings Per Share (in thousands, except share and per share amounts, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net (loss) income $ (15,051) $ 11,983 $ (555) $ 14,400 Adjustments: No